Amendment status not verified — confirm the current text below against the official source.
(1) Notwithstanding anything contained in sections 96, 98, and 103, on an application made by a society undertaking the financing of crops and seasonal finance as defined under the Bombay Agricultural Debtors Relief Act, 1947, 50[ or undertaking medium term finance] for the recovery of arrears of any sum advanced by it to any of its members on account of the 51[financing of crops, seasonal finance or medium term finance] and on its furnishing a statement of accounts in respect of the Private transfer of property made after issue of certificate void against society. Transfer of property which can not be sold. Bom. XXVIII of 1947. Recovery of crop loans. Bom. XXVII of 1947. 1962: Guj. X] Gujarat Co-operative Societies Act, 1961 arrears, the Registrar may, after making such inquiries as he deems fit, grant a certificate for the recovery of the amount stated therein to be due as arrears. 52[Explanation.—In this sub-section “medium term finance” advancing of loans for any purpose of production relating to agriculture, fishery, animal husbandry and industry such loans being repayable otherwise than in the manner specified in the definitions of the expressions “financing of crops” and “seasonal finance” in the Bombay Agricultural Debtors Relief Act, 1947.] 53[(1A) If a society referred to in subsection (1) fails to make an application under that sub-section, then, if such society is a member of any co- operative financing bank such co-operative financing bank may direct such society to take such action and if the society fails to take action in pursuance of such direction, the co-operative financing bank may itself make an application under sub-section (1) on behalf of the society.] (2) 54[Where the Registrar is satisfied that a society or the co-operative financing bank to which such society is affiliated has failed to make an application under sub-section (1) (1) or, as the case may be, under sub- section (1A)] in respect of such arrears the Registrar may, of his own motion, after making such inquiries as he deems fit, grant a certificate for the recovery of the amount stated therein to be due as such arrears, and such a certificate shall be deemed to have been issued as if on application made by the society concerned. (3) A certificate granted by the Registrar under sub-section (1) or (2) shall be final and a conclusive proof of the arrears stated to be due therein, which shall be recoverable according to the provisions of the Land Revenue Code and of the Rules there under of the time being in force for the recovery of land revenue. (4) It shall be lawful for the Collector and the Registrar to take precautionary measures authorized by section 140 to 144 of the Land Revenue Code, until the arrears due to the society together with interest and any incidental charges incurred in the recovery of such arrears, are paid, or security for payment of such arrears in furnished to the satisfaction of the Registrar. CHAPTER X. LIQUIDATION